S&P 500 Index Forecast for the week of August 27, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The S&P 500 Index had a slightly negative week by the close of business on Friday, but it should be said that the candlestick was relatively neutral. More importantly, it looks as if the 1400 level has held as support, and that the upward pressure continues. There are many out there that think the Federal Reserve is going to ease its monetary policy in the near term, and as such many will be going into the stock market.

The chart does look healthy, and a break above the highs for the previous week would be a good sign for the S&P 500. On that move, we are more than willing to buy S&P 500 futures, and possibly some kind of high beta play such as financials. As for selling the S&P 500 in general, we are not interested as we see far too many support levels below.

S&P 500 Index Forecast for the week of August 27, 2012, Technical Analysis

S&P 500 Index Forecast for the week of August 27, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.